Methanex (TSE:MX) Lowered to Sell at Piper Sandler

Methanex (TSE:MX – Get Rating) (NASDAQ:MEOH) was downgraded by equities researchers at Piper Sandler to a “sell” rating in a research note issued on Tuesday, TipRanks reports. They presently have a C$48.00 target price on the stock. Piper Sandler’s target price points to a potential downside of 21.26% from the stock’s previous close.

Several other analysts have also recently commented on the company. Tudor Pickering reissued a “hold” rating and issued a C$55.00 price target on shares of Methanex in a report on Wednesday, January 26th. Raymond James restated a “hold” rating and set a C$66.00 target price on shares of Methanex in a research report on Thursday, January 27th. Alembic Global Advisors reiterated a “hold” rating and issued a C$40.00 price target on shares of Methanex in a report on Monday. BMO Capital Markets reissued a “buy” rating and set a C$65.00 price objective on shares of Methanex in a report on Friday, April 29th. Finally, UBS Group increased their target price on shares of Methanex to C$45.00 and gave the company a “sell” rating in a report on Thursday, January 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of C$55.54.

TSE MX traded down C$1.77 during trading hours on Tuesday, hitting C$60.96. 171,275 shares of the stock were exchanged, compared to its average volume of 185,203. The company has a quick ratio of 1.71, a current ratio of 2.28 and a debt-to-equity ratio of 126.35. The company has a market cap of C$4.41 billion and a price-to-earnings ratio of 7.38. Methanex has a 12-month low of C$37.85 and a 12-month high of C$71.63. The stock has a 50-day moving average of C$67.22 and a 200 day moving average of C$60.33.

In other news, Director Nojan Abrary acquired 1,301 shares of the business’s stock in a transaction dated Monday, May 9th. The stock was acquired at an average price of C$63.14 per share, with a total value of C$82,146.44. Following the completion of the transaction, the director now directly owns 16,966 shares in the company, valued at approximately C$1,071,250.21. Also, Director Vanessa James sold 7,500 shares of Methanex stock in a transaction that occurred on Thursday, March 31st. The stock was sold at an average price of C$68.15, for a total transaction of C$511,125.00. Following the completion of the sale, the director now directly owns 35,444 shares of the company’s stock, valued at C$2,415,508.60. Insiders have sold 11,600 shares of company stock valued at $798,048 in the last three months.

About Methanex (Get Rating)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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